Fed ready

Fed ready to unshackle US economy, gunfire at Trump Golf Club latest jolt in campaign, S&P is surviving Big Tech’s slide, gold hits another all-time high, and Biden increases some of Trump’s China tariffs...

Good morning.

The Fast Five → Fed ready to unshackle US economy, gunfire at Trump Golf Club latest jolt in campaign, S&P is surviving Big Tech’s slide, gold hits another all-time high, and Biden increases some of Trump’s China tariffs

Calendar: (all times ET) - Full calendar here

  • Today: Consumer sentiment, 10:00 am

  • Tomorrow:
    US retail sales, 8:30 am
    Business inventories, 10:00 am

Your 5-minute briefing for Monday, September 16:

BEFORE THE OPEN

As of market close 9/12/2024. Bitcoin as of 9/15/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↓ 39.80% for Week of September 12 2024

Last week: 45.33%. Updates every Friday.

Market Wrap:

  • Stocks rose Friday, with S&P, Nasdaq having their best week of 2024.

  • S&P +0.54%, Nasdaq +0.65%, Dow +297 points (+0.72%).

  • Utilities, communication services, and industrials led.

  • Megacap tech and semis rallied: Super Micro +3.4%, Arm +5.9%, Alphabet +1.8%, Uber +6%.

  • Fed expected to cut rates by 25 bps this week.

  • August CPI: +2.5%, lowest since Feb 2021.

EARNINGS

Here’s what we’re watching this week:

  • Wednesday: 

  • Thursday: Cracker Barrel (CBRL), Darden Restaurants (DRI)

    • FedEx (FDX) - earnings of $4.85 per share (+6.6% YoY) on $22B revenue (+3.8% YoY)

    • Lennar (LEN) - earnings of $3.63 per share (-6.2% YoY) on $9.2B revenue (+8.4% YoY)

Full earnings calendar here.

HEADLINES

GDP to keep expanding while unemployment will remain relatively low, economists predict.

Real estate and utilities are beating the Magnificent Seven. Lower rates, economic growth gives cyclical stocks a lift.

  • Gunfire at Trump Golf Club latest jolt in 2024 campaign (more)

  • Currencies listless as markets waffle over Fed rate cut (more)

  • Gold hits another all-time high, mega merger boosts metal's outlook (more)

  • Oil prices inch up on Fed rate cut outlook (more)

  • Biden finalizes increases to some of Trump’s China tariffs (more)

  • China’s deepening slowdown tests Xi’s tolerance for growth miss (more)

  • The big winners from PE’s boom are becoming clear (more)

  • Nippon Steel bid for U.S. Steel faces Sept. 23 review deadline (more)

  • Boeing strike adds cash crunch to new CEO’s rescue mission (more)

  • Biden’s top trustbuster faces a battle to survive, even under Harris (more)

  • Wells Fargo in trouble with regulators again (more)

  • Disney and DirecTV reach carriage deal, restoring ABC, ESPN (more)

  • Icahn Enterprises wins dismissal of investor lawsuit (more)

A Message from Traders Agency

Bill Gates: “This Type of AI Will Be Worth Ten Microsofts”

Microsoft just boosted its investment in OpenAI by as much as $10 billion.

Here’s the “backdoor” way that you can join them as an AI investor in this red-hot space.

- sponsored message -

DEALFLOW

M+A | Investments

  • France's Rexel rebuffs $9.4B offer from Brad Jacobs-led QXO (more)

  • Alcoa to sell its 25.1% stake in Ma’aden joint venture for $1.1B (more)

  • Mathias Döpfner, KKR said to near deal on Axel Springer split (more)

  • Bausch + Lomb working with Goldman Sachs to explore sale (more)

  • Canada's ABC Technologies proposes revised buyout of UK's TI Fluid (more)

  • Satellite-TV providers DirecTV and Dish are in talks to merge again (more)

  • SoftwareOne weighs deal for Crayon as Apax closes in (more)

  • HSBC in talks to sell South African unit to FirstRand (more)

  • Sony in talks to buy Pink Floyd music rights for about $500M (more)

  • UCL Swift, high-precision fiber optic termination products and connectivity solutions, acquired Accurate Connections, a manufacturer of custom fiber optic and copper cable assemblies (more)

  • ConnetctWise, a software company dedicated to the success of managed service providers, acquired Axcient, data protection and disaster recovery solutions, and SkyKick, a cloud management software company (more)

VC

  • Second Front Systems, a public-benefit software company, closed a $70M Series C funding round (more)

  • Habitat Health, an integrated health care payer and provider, raised more than $50M in funding (more)

  • XP Health, a company providing a digital-first vision care platform, raised $33.2M in Series B funding (more)

  • Nirvana, a health tech company, raised $24.2M in Series A funding (more)

  • Every, a company enabling tech founders to set up an entire back office in one place, raised $22.5M in Series A funding (more)

  • Bounti, a company specializing in autonomous AI products for sales, raised $16M in funding (more)

  • Metabase Q, an IT cybersecurity management company, raised $11M in Series A extension funding (more)

CRYPTO

  • Bitcoin eyes $60K and likely has more room to rally (more)

  • Guarding crypto is a lucrative business and Wall Street wants in (more)

  • MicroStrategy’s latest $1.1 bln Bitcoin purchase is largest since 2021 (more)

BULLISH BITES

🎲 All In: JD Vance sells himself to Silicon Valley.

🇨🇳 Dried Up: The number of new startups founded in China has fallen off a cliff - “the whole industry has just died before our eyes.”

🤖 First impressions: Techcrunch tests OpenAI o1, the AI designed to overthink it.

🎮 Guilty Pleasure: The LinkedIn games are fun, actually.

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